February 16, 2007

Cast Iron Building on Arch St. is full after two leases are sewn up

The Cast Iron Building, a 105,000-square-foot office building at 718 Arch St. in Philadelphia, wrapped up two leases that bring the building to full occupancy.
Probaris Inc., maker of personal identity verification software and employee credentials, took a five-year lease on 7,488 square feet and R.G. Vanderweil Engineers leased 2,885 square feet. The two firms were lined up after Paul H. Yeomans Inc., a longtime tenant of the building, had to relocate into a larger space. Yeomans had been in 11,500 square feet and moved into 14,754 square feet at 833 Chestnut St. in Center City.

With the building completely occupied, Cast Iron is ripe for a potential sale.

“We are receiving a log of interest from prospective buyers and brokers – the market is active – we are considering the option of a sale,” said Ken Balin, president and CEO of AMC Delancey Group, Inc., the building’s owner, in an e-mail.

[Shane Funston of ] Geis Realty represented the engineering firm while Grubb & Ellis represented Probaris. Jackson Cross Partners represented the Landlord.

by Natalie Kostelni